In Canada, there are two paycheques you can receive from the government in retirement: Canada Pension Plan (CPP) and Old Age Security (OAS). Most Canadians will receive these cheques so when it comes to retirement planning, it is very important to be aware of how these programs work and how much they pay.
Have you noticed that your paychecks have been a bit larger than normal lately? That’s because in 2011, the government is cutting the social security payroll tax paid by individuals from 6.2% to 4.2%. Now, what should you do with your extra moolah? Here are 10 ways to wisely spend your money, in order of importance for increasing your financial standing for years to come.
Most online retirement calculators ask the same question: how much do you expect your investments to grow per year? Eight percent? Six percent? Isn’t there a checkbox for “who knows?” Economist Laurence Kotlikoff, a professor at Boston University and author of Spend ’Til the End, thinks he has a better way.
Last week, Mint.com went to the house to sit at a roundtable with Austan Goolsbee, Chairman of President Obama’s Council of Economic Advisors and ask questions posed by MintLife and Mint Answers users. Here’s how the administration addressed social security, unemployment and retirement saving concerns.
What is a 401(k)? Before you roll your eyes in a “Sheesh, is there anyone who doesn’t know the answer to that one?” way, consider this: in 2009, Fidelity Investments found that less than half (44%) of eligible workers in...
Start saving for retirement young, and you could retire a millionaire. Wait too long, and you could wave hello to the senior special at Denny’s some 50 years down the road. In this infographic, we’ve mapped out the significance of starting to save for retirement as early as possible, along with a simple how-to guide on the main retirement-saving vehicles at your disposal.
How much should I have saved by 30 if I want to retire at 50? How can I get credit when I have no credit? What are the five most important things to know about credit? We answer these questions in this week’s round-up
Even if your employer pays the 401(k) match in company stock, holding it for the long haul is one of the biggest mistakes you can make with a retirement plan. The reason is pretty simple: Even if you don’t own a single share of your employer’s stock, your financial exposure to the company is already huge — you work there!